Overview
- Bitcoin fell under $90,000 for the first time in seven months, erasing its 2025 gains and leaving it nearly 30% below October’s peak near $126,000.
- Traders snapped up more than $740 million in late‑November put options, concentrating at $90,000, $85,000 and $80,000 strikes as demand for downside protection swelled.
- Derivatives stress intensified with over $900 million in liquidations over 24 hours, including more than $550 million in longs, as leveraged positions were wiped out.
- Bearish markers mounted with a death cross and the first weekly close below the 50‑week moving average, while short‑term holders sent about 65,000 BTC to exchanges at a loss.
- Countervailing signals persist as Bitcoin trades roughly 9% above the ETF Realized Price near $86,680, even as risk appetite weakens on fading Fed cut odds and pressure on AI‑heavy tech stocks.